5 Oct 2010 07:00
HAYNES PUBLISHING GROUP P.L.C. ("the Haynes Group")
Interim Management Statement
Quarter 1: 13 weeks to 31 August 2010
First quarter trading and business highlights
Trading performance for the first 13 weeks of the financial year and for the period up to the date of this statement for the overall Haynes Group is tracking in line with last year. However, whilst this time last year we were reporting stronger sales in the UK and Europe and softer trading in the US, this year we are experiencing the same situation in reverse.
In North America & Australia sales in local currency ended the 13 week period 1% ahead of last year and ahead by 8% when reported in Sterling.
In the UK & Europe and in particular in the UK, market conditions have noticeably weakened during our first quarter with revenue in both our UK automotive division and Haynes Book division ending the quarter 12% lower than last year. In our general book publishing markets we have seen heavy returns from key retailers coupled with increased discounting. Elsewhere in the UK & Europe, revenue from Vivid in local currency ended the quarter 1% ahead of last year but down 3% after translation to Sterling.
There have been no significant changes in the financial position of the Group since we reported the results for our financial year-ended 31 May 2010.
Cautionary Statement:
This report contains certain forward-looking statements with regards the financial condition and results of the operations of Haynes Publishing Group P.L.C. These statements and forecasts involve risk factors which are associated with, but are not exclusive to, the economic and business circumstances occurring from time to time in the countries and sectors in which the Group operates. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Haynes Publishing Group P.L.C. has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
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| Haynes Publishing Group P.L.C. |
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| J Haynes, Chairman | 01963 442009 |
| Eric Oakley, Group Chief Executive | 01963 442009 |
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| Smith & Williamson Corporate Finance Limited |
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| Barrie Newton | 0117 376 2213 |
Business Description
The Haynes Group comprises two geographical business segments as follows :
| ·; | UK & Europe |
| ·; | North America & Australia. |
The UK & European business has headquarters in Somerset, England and subsidiaries in the Netherlands, Italy, Spain, Romania and Sweden. The core business of the European operations is the publication of DIY Repair Manuals for Cars and Motorcycles. Through its Dutch operation, Vivid, the European business is also a major supplier of technical information to the professional sector of the automotive aftermarket around Europe. All Vivid products are sold in a digital format. The European business also publishes a wide range of titles which are practical, instructional, easy to read and aimed at those with an interest in more general DIY related activities as well as motoring, motor sport, transport, aviation and military.
The North American & Australian business has headquarters near Los Angeles, California and publishes DIY Repair Manuals for Cars and Motorcycles under the Haynes and Chilton brands, in both the English and Spanish languages. It has a branch operation in Sydney, Australia which publishes similar products under both the Haynes and Gregory's brands. The Australian business also publishes information for the professional automotive market. Through its print facility in Nashville, Tennessee the North American business is also the central print facility for the Group's printed products.